Should we bring back debtors prisons?
>want to buy $1000 worth of stuff
>buy it with a pre approved cc
>never pay bills for a year
>collections agency calls
>says you owe them $2000
>know they bought it for ten cents on the dollar
>offer them $300 and settle
Right now there's no real recourse for small debts of under $50000 or so.
Why should money owed as child or spousal support, or taxes be the only debts they can arrest you for?
Best thing to do in modern times if you have no money: Aquire a shitton of debt buying things like cars or a down payment on a house, and then all you have to do is declare bankruptcy. The law will protect you from having your assets like cars, houses, and I think phones taken away because it's classified as a necessity. Sure, you're credit rating will tank, but who cares? It's a meme anyways.
Kind of varies by law. A lot of people buy Florida real estate knowing they wont lose it in event of going bankrupt. It's different here (Canada). Reminds me of a story an old accountant told me
>guy sets up registration agency
>easy work, just does paperwork for other companies
>builds company up, gets 10 workers
>deducts income tax from workers pay cheques
>never gives the income tax to the government for 4 years
>government sues for missing payments
>guy says he gambles it away and doesn't have the money
>only real asset is his million dollar home
>government cant take his house because he lives there with his wife, and she has a 'vested interest' in it
Sure they'll put a lien on it, but he got a nice house as long as he lives there. Funniest thing was the guy did the same thing all over again with a company in his sons name.
devilishly clever. probably a last resort for me, wouldnt tank my future for just anything.
>Should we bring back debtors prisons?
No.
A deadbeat in prison can't repay his creditors. Its lose-lose.
A deadbeat in bankruptcy can either (a) do a chapter 13 payment plan, or (b) liquidate his non-exempt assets. Under option A, creditors probably get a better recovery and the deadbeat fixes his credit rating faster. Under option B, creditors probably get less, and the deadbeat's credit rating is wrecked for years. There's a balance.
>Right now there's no real recourse for small debts of under $50000 or so.
Anything above $10K or so is economic to pursue AGGRESSIVELY by legal means. Maybe you can game the system for smaller amounts, once or twice. At the cost of wrecking your credit history and putting a glass ceiling on your future financial life. Forget about getting a mortgage, car loan, credit card, or any job dealing with money or finance. Hell, you might not even be able to get a checking account. All for a few thousand bucks you scammed? Not worth it.
By the way, pull your "scam" more than once and it'll be imputed fraud. Fraudulently incurred debts AREN'T dischargeable in bankruptcy. Lot's of people don;t even get away with it the first time, depending on how stupid they are with the money. So no, you can't game the system.
The USA was founded on the idea that if you went into debt and failed through no fault of your own then you could get out of debt via federal protection called bankruptcy. Just like you have the right to own a gun; you have the right to go bankrupt.
>Should we bring back debtors prisons?
No, America already has way too many people in prison.
>Still haven't fixed my credit from parents stealing my identity.
Feels bad, man.
yeah, put all those bankers who nearly destroyed the economy and got a government bailout in a debtor's prison.
>Why should money owed as child or spousal support
Because washington is in thrall to vaginas ever since they got the vote.
>or taxes be the only debts they can arrest you for?
Because you're interfering with the government's funding. In my country anyway, where the tax on tobacco products is insane, growing tobacco without the appropriate licence is more heavily punished than the manufacture and sale of other drugs like heroin, methamphetamine, lsd and so on. Why is this? You're hurting the government's tax base. Don't hurt the government's tax base.
Credit cards are unsecured debt. They have no right to do anything to make you pay them back.
I find debtors prison laughable.
> owe money?
> put you in jail so you lose your job
> have no income and nothing to garnish
> also costs everyone money to house and feed you
top kek
>Credit cards are unsecured debt.
This is true.
>They have no right to do anything to make you pay them back.
This is false.
While unsecured debt has no PRIORITY claim against your assets, any unsecured debt can be collected using the full set of tools available under law. This includes, but is not limited to, liens against your assets, seizure of bank accounts, and garnishment of wages. The only difference is that a secured creditor can go straight to asset seizure, while an unsecured creditor has to get a judgment first.
no, but yes to indentured servitude
>Should we bring back debtors prisons?
That would be WAICIST and niggers would be crying and looting in the streets if you even mention the thought.
You can just imagine the flood of Nigger tears & butthurt if this were to happen...
>creditors give credit to unworthy people
>unworthy people don't repay debt
>we should be able to arrest debtors
>cars and phones are a necessity
are you living in fuckin lala land?
>parents stealing my identity.
Storytime.
>creditors are compelled to give credit to unworthy people by the government
fify
They pay back more what they owe in time if they are allowed to work. I suggest against it.
Even though dude that gets 70% of his check taken from him cause he didn't pull out gets locked up for oweing.
Dumb.
>debtors prisons
Are you a loan shark or something?
What we really need are actual classes in financial literacy. High school don't teach shit.